Canada November GDP +0.1% m/m vs +0.1% expected

• Statistics Canada estimated the November report was 'essentially unchanged' in last month's report
• Prior was +0.1%
• Goods -0.1% vs -0.7% prior
• Services +0.2% vs +0.3% prior
• 14 of 20 industrial sectors increased
• Advanced December GDP "essentially unchanged"
• Advance Dec GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term implies +0.4% q/q growth and +3.8% y/y growth
• Full report

Growth has nearly stalled in Canada and the Bank of Canada Bank of Canada The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser Read this Term expects it to be flat in H1 before picking up in the second half of the year. The 3.8% yearly growth compares to 2.1% in the US but the strength is due to a later reopening from covid controls. In 2021, Canada grew 4.6% compared to 5.9% in the US.

The Canadian dollar is higher after this report but that's because it was released at the same time as a benign US wage report and the US dollar is broadly softer. USD/CAD was last at 1.3424.